World Bank sees a ceiling above gold and silver prices through 2026 amid market volatility

The World Bank’s April Commodity Market Outlook warns that gold prices may be capped near current levels through 2026 despite strong recent gains, citing geopolitical risk, speculative swings and macro uncertainty. It expects gold to average about $4,700/oz in 2026 (up ~37% year-on-year) and silver about $70/oz (up ~76%), but projects both to fall roughly 7% in 2027. The report flags energy-driven inflationary pressures—oil and natural gas shocks are central—lifting overall commodity prices (expected +16% in 2026) and boosting downside risks from higher interest rates and reduced central-bank purchases. The outlook therefore signals continued near-term support for precious metals from safe-haven flows, but a capped trajectory and heightened volatility ahead that could limit further sustained rallies.